LG does not like its trailing position behind HTC, Samsung, and even Sony. The Korean manufacturer reportedly wasn’t happy with the reception of its L series launched at Mobile World Congress and is now scrambling to introduce a new phone to be a stronger competitor.

Korean news site Digital Daily reports that LG is working on a ‘Project D1L’ that’s said to be a “Galaxy S3″ killer. How exactly does one kill a device that hasn’t even been revealed? By shooting for the stars and hoping your creation will be good enough to make consumers forget about the company that’s currently winning the Android smartphone race.

Digital Daily claims that the phone will have a 4.7 inch HD LCD display with 720 x 1280 resolution. It will also have 4G LTE networking capability and the Qualcomm S4 Snapdragon (MSM 8960) processor, a powerful chipset that’s appearing in the top phones from HTC as well. On the software side, the phone will supposedly ship with a version of Android 4.0 Ice Cream Sandwich) when it is revealed next month.

If it is revealed next month. DDaily is reporting on a rumor of what it’s heard, and there’s no certainty on any of this until LG comes out and says it. The thought of a company spending a year to work on one phone and then scrapping it all to introduce something new at the last minute is possible but a longshot. It’s slightly more believable when said company’s back is against the wall, which LG’s clearly is at the moment.